If in the financial crises of the past buying a lipstick or perfume was an accessible form of self-gratification, today the use of masks and the drastic reduction of sociability have led to a sharp contraction in sales of cosmetics, while the the personal hygiene sector, including gels and disinfectants and that of skincare, which saw consumers more attentive to treatments to be done at home.
And it is no coincidence that at the end of 2020 a decrease in global turnover of 11.6% is estimated for Italian cosmetics compared to the previous year.
These are the results of a research on the sector presented at the Pambianco beauty summit.
For Renato Ancorotti, President of Cosmetica Italia, the domestic market held up better than exports (-9.3% vs -15%) and e-commerce was the only growing channel (+ 40%). Nicola Giorgi, Senior Advisor of PwC, presented a research for which in 2020, in the face of a reduction in income that touches 40% of the world population and which impacts in our country on 57% of the population, the consumers who in the "New Normal" they will reduce their expenses. The beauty sector is currently in fifth position in terms of the decline recorded. In addition, 35% of respondents said they will further reduce their spending in the beauty segment. As a partial consolation, at least for local companies, Made in Italy is acquiring increasing value as a guarantee of quality and safety even among millennials (+ 22% vs 2019) and Gen Z (+ 39% vs 2019). Gianluca Toniolo, CEO LVMH P&C Italy and Global Travel Retail Managing Director speculates that the tourism sector will return to 2019 volumes around 2024 even though some markets, particularly the Asian ones, are experiencing a much faster recovery that could bring them back to pre -Covid as early as 2022.